Public Joint Stock Company

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A public joint stock company is a method to allow thousands or millions of people to jointly own a business. The most important feature is limited liability.
The most important function of a public joint stock company is that the investor can only lose their initial investment. Their liability is limited so that if the business fails they do not then have to pay more to cover any debts.
The stock of the company is the machines, plants, patents and so on and this is owned jointly. Each investor owns a small part of the whole. Any profits are divided out according to what share of the company each owns.
Public refers to ownership of a share of the company being open to the public. This most often means that it is traded on a stock exchange and anyone willing to pay the price on the day can become a part owner of the company.
Public joint stock companies are the way that the vast majority of the economy is organized. Everything you see about the New York Stock Exchange and every reference to stocks rising or falling is about people trading shares of public joint stock companies.
The combination of limited liability and widespread ownership is what enables large scale private sector businesses to exist. The public joint stock company is the defining structure of the modern American economy.

From Wikipedia, the free encyclopedia
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^ Courtney, Thomas B. (2002). The Law of Private Companies (2nd ed.). p. 26. ISBN 1-85475-265-0 .

^ "Joint Stock Company" . West's Encyclopedia of American Law . Retrieved 4 May 2012 .

^ Joe Carlen (2013). A Brief History of Entrepreneurship: The Pioneers, Profiteers, and Racketeers Who Shaped Our World . Columbia University Press. pp. 110–113. ISBN 978-0231542814 .

^ Chafee 2015 , p. 405.

^ Morck, Randall; Yeung, Bernard: Agency Problems and the Fate of Capitalism . (Cambridge, MA: National Bureau of Economic Research, Working Paper No. 16490, Issued in October 2010)

^ Funnell, Warwick; Robertson, Jeffrey: Accounting by the First Public Company: The Pursuit of Supremacy . (Routledge, 2013, ISBN 0415716179 )

^ Steensgaard, Niels (1982), 'The Dutch East India Company as an Institutional Innovation,'; in Maurice Aymard (ed.), Dutch Capitalism and World Capitalism / Capitalisme hollandais et capitalisme mondial (Studies in Modern Capitalism / Etudes sur le capitalisme moderne), pp. 235–257

^ Hawley, James P.; Williams, Andrew T.: The Rise of Fiduciary Capitalism: How Institutional Investors Can Make Corporate America More Democratic . (University of Pennsylvania Press, 2000, ISBN 9780812235630 ), p. 44

^ Ferguson, Niall (2002). Empire: The Rise and Demise of the British World Order and the Lessons for Global Power , p. 15.

^ Smith, B. Mark (2003). A History of the Global Stock Market: From Ancient Rome to Silicon Valley . (University of Chicago Press, ISBN 9780226764047 ), p. 17

^ Von Nordenflycht, Andrew (2011), 'The Great Expropriation: Interpreting the Innovation of “Permanent Capital” at the Dutch East India Company,'; in Origins of Shareholder Advocacy , edited by Jonathan G.S. Koppell. (Palgrave Macmillan, 2011), pp. 89–98

^ Clarke, Thomas; Branson, Douglas (2012). The SAGE Handbook of Corporate Governance (Sage Handbooks) . (SAGE Publications Ltd., ISBN 9781412929806 ), p. 431

^ Vasu, Rajkamal (November 19, 2017). The Transition to Locked-In Capital in the First Corporations: Venture Capital Financing in Early Modern Europe Archived 2018-04-05 at the Wayback Machine . ( Kellogg School of Management , Northwestern University )

^ Dunkley, Jamie (11 Sep 2010). "Dutch student finds world's oldest share certificate" . Telegraph.co.uk . Retrieved 1 November 2017 .

^ Medieval trade in the Mediterranean world : illustrative documents . Lopez, Robert S. (Robert Sabatino), 1910-1985., Raymond, Irving W. (Irving Woodworth), 1898-1964., Constable, Olivia Remie. New York: Columbia University Press. 2001. ISBN 0-231-12356-6 . OCLC 48438544 . CS1 maint: others ( link )

^ Freeland, Chrystia (2012-10-13). "Opinion | The Self-Destruction of the 1 Percent (Published 2012)" . The New York Times . ISSN 0362-4331 . Retrieved 2021-01-13 .

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^ " " Shareholder Lawsuit " " (PDF) . Archived from the original (PDF) on 2016-03-05 . Retrieved 2016-03-02 .

^ Irwin, Douglas A. (December 1991). "Mercantilism as Strategic Trade Policy: The Anglo-Dutch Rivalry for the East India Trade" (PDF) . The Journal of Political Economy . The University of Chicago Press. 99 (6): 1296–1314. doi : 10.1086/261801 . JSTOR 2937731 . S2CID 17937216 . at 1299.

^ Jump up to: a b c d e John F. Padgett, Walter W. Powell. The Emergence of Organizations and Markets. (Princeton University Press, 2012. Oct 14, 2012). ISBN 1400845556 , 9781400845552 p. 227

^ Fawcett, Sir Charles (1937). "The Striped Flag of the East India Company, and its connexion with the American 'Stars and Stripes ' ". The Mariner's Mirror . 23 (4): 449–476. doi : 10.1080/00253359.1937.10657258 . (subscription required)

^ Hansmann et al., The Anatomy of Corporate Law , pg 7.

^ A leading case in common law is Salomon v. Salomon & Co. [1897] AC 22.

^ Hock, Dee (2005). One from Many: VISA and the Rise of Chaordic Organization . Berrett-Koehler Publishers. p. 140. ISBN 1-57675-332-8 . ... they have become a superb instrument for the capitalization of gain and the socialization of cost.

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This article needs additional citations for verification . Please help improve this article by adding citations to reliable sources . Unsourced material may be challenged and removed. Find sources: "Joint-stock company" – news · newspapers · books · scholar · JSTOR ( March 2010 ) ( Learn how and when to remove this template message )

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A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders . Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). [1] Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. [2]

In modern-day corporate law , the existence of a joint-stock company is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies .

Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited companies . In the United States , they are known simply as joint-stock companies.

Ownership refers to a large number of privileges. The company is managed on behalf of the shareholders by a board of directors, elected at an annual general meeting.

The shareholders also vote to accept or reject an annual report and audited set of accounts. Individual shareholders can sometimes stand for directorships within the company if a vacancy occurs, but that is uncommon.

The shareholders are usually not liable for any of the company debts that extend beyond the company's ability to pay up to the amount of them.

Joint-Stock Companies are separate legal existence which means it has other legal existence rather than the owner.

The earliest records of joint-stock companies appear in China during the Tang and Song dynasties . The Tang dynasty saw the development of the heben , the earliest form of joint stock company with an active partner and one or two passive investors. By the Song dynasty this had expanded into the douniu , a large pool of shareholders with management in the hands of jingshang , merchants who operated their businesses using investors' funds, with investor compensation based on profit-sharing, reducing the risk of individual merchants and burdens of interest payment. [3]

The operation of these joint investment partnerships can be examined in a mathematical problem included in the Mathematical treatise in nine sections ( Shu-shu chiu-chang ) (1247 ed.) of Ch’in Chiu-shao (c.1202–61). Although the
dealings it describes are perhaps more complex than those practiced a century earlier, it essentially deals with a kind of investment and division of profits that for sure would have been made in the twelfth if not also the eleventh century: a four-party partnership that collectively made an investment (of 424,000 strings of cash) in a Chinese trading venture to southeast Asia. Each party’s original investment consisted of precious metals like silver and gold and commodities like salt, paper, and monk certificates (and their accruing tax exemption). Yet the value of their individual investments varied considerably, as much as eightfold. Likewise, each party’s share of the profits varied greatly, evidently in proportion to its overall share in the total investment. While social and family ties may have shaped the circle of potential coinvestors, they affected little, if at all, an investor’s eventual share of the profits, or losses. [4]
Finding the earliest joint-stock company is a matter of definition. An early form of joint-stock company was the medieval commenda , although it was usually employed for a single commercial expedition. [15] [16] Around 1250 in France at Toulouse , 96 shares of the Société des Moulins du Bazacle , or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned, making it probably the first company of its kind in history. [17] [18] The Swedish company Stora has documented a stock transfer for an eighth of the company (or more specifically, the mountain in which the copper resource was available) as early as 1288.

In more recent history, the earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands , chartered in 1553 with 250 shareholders. The Muscovy Company , which had a monopoly on trade between Russia and England , was chartered two years later in 1555. The most notable joint-stock company from the British Isles was the East India Company , which was granted a royal charter by Queen Elizabeth I on December 31, 1600 with the intention of establishing trade on the Indian subcontinent . The charter effectively granted the newly formed Honourable East India Company a fifteen-year monopoly on all English trade in the East Indies . [19]

Soon afterwards, in 1602, the Dutch East India Company issued shares that were made tradable on the Amsterdam Stock Exchange . The development enhanced the ability of joint-stock companies to attract capital from investors, as they could now easily dispose of their shares. In 1612, it became the first 'corporation' in intercontinental trade with 'locked in' capital and limited liability. [20] The joint-stock company became a more viable financial structure than previous guilds or state- regulated companies . The first joint-stock companies to be implemented in the Americas were the London Company and the Plymouth Company . [20]

Transferable shares often earned positive returns on equity , which is evidenced by investment in companies like the East India Company , which used the financing model to manage their trade on the Indian subcontinent . Joint-stock companies paid out divisions (dividends) to their shareholders by dividing up the profits of the voyage in the proportion of shares held. Divisions were usually cash, but when working capital was low and detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo, which could be sold by shareholders for profit. [20]

However, in general, incorporation was possible by royal charter or private act , and it was limited because of the government's jealous protection of the privileges and advantages thereby granted. [20]

As a result of the rapid expansion of capital-intensive enterprises in the course of the Industrial Revolution in Europe and the United States, many businesses came to be operated as unincorporated associations or extended partnerships , with large numbers of members. Nevertheless, membership of such associations was usually for a short term so their nature was constantly changing. [20]

Consequently, registration and incorporation of companies, without specific legislation, was introduced by the Joint Stock Companies Act 1844 . Initially, companies incorporated under this Act did not have limited liability, but it became common for companies to include a limited liability clause in their internal rules. In the case of Hallett v Dowdall , the Court of the Exchequer held that such clauses bound people who have notice of them. Four years later, the Joint Stock Companies Act 1856 provided for limited liability for all joint-stock companies provided, among other things, that they included the word "limited" in their company name. The landmark case of Salomon v A Salomon & Co Ltd established that a company with legal liability, not being a partnership, had a distinct legal personality that was separate from that of its individual shareholders. [ citation needed ]

The existence of a corporation requires a special legal framework and body of law that specifically grants the corporation legal personality, and it typically views a corporation as a fictional person, a legal person, or a moral person (as opposed to a natural person) which shields its owners (shareholders) from "corporate" losses or liabilities; losses are limited to the number of shares owned. It furthermore creates an inducement to new investors (marketable stocks and future stock issuance). Corporate statutes typically empower corporations to own property, sign binding contracts, and pay taxes in a capacity separate from that of its shareholders, who are sometimes referred to as "members". The corporation is also empowered to borrow money, both conventionally and directly to the public, by issuing interest-bearing bonds. Corporations subsist indefinitely; "death" comes only by absorption (takeover) or bankruptcy. According to Lord Chancellor Haldane ,

...a corporation is an abstraction. It has no mind of its own any more than it has a body of its own; its active and directing will must consequently be sought in the person of somebody who is really the directing mind and will of the corporation, the very ego and centre of the personality of the corporation.
This 'directing will' is embodied in a corporate Board of Directors. The legal personality has two economic implications. It grants creditors (as opposed to shareholders or employees) priority over the corporate assets upon liquidation. Second, corporate assets cannot be withdrawn by its shareholders, and assets of the firm cannot be taken by personal creditors of its shareholders. The second feature requires special legislation and a special legal framework, as it cannot be reproduced via standard contract law. [22]

The regulations most favorable to incorporation include:

In many jurisdictions, corporations whose shareholders benefit from limited liability are required to publish annual financial statements and other data so that creditors who do business with the corporation are able to assess the credit-worthiness of the corporation and cannot enforce claims against shareholders. [25] Shareholders, therefore, experience some loss of privacy in return for limited liability. That requirement generally applies in Europe, but not in common law jurisdictions, except for publicly traded corporations (for which financial disclosure is required for investor protection).

In many countries, corporate profits are taxed at a corporate tax rate, and dividends paid to shareholders are taxed at a separate rate. Such a system is sometimes referred to as " double taxation " because any profits distributed to shareholders will eventually be taxed twice. One solution, followed by as in the case of the Australian and UK tax systems, is for the recipient of the dividend to be entitled to a tax credit to address the fact that the profits represented by the dividend have already been taxed. The company profit being passed on is thus effectively taxed only at the rate of tax paid by the eventual recipient of the dividend.

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